Achieving a historic milestone, IOHK has announced that it has achieved full decentralization related to issuing of blocks to its Cardano blockchain. This essentially means that each block on Cardano will be produced by its blockchain community rather than by IOHK.
Blockchain experts are calling this a watershed moment in the operational history of the Cardano as it will pave the way for making the blockchain completely decentralized in its letter and spirit. From now onwards, the Cardano community will be responsible for every aspect of blockchain, including its growth and development in the future.
The process of giving up complete control over the blockchain by IOHK has been going on for the last seven months. This gradual ceding of the control has ensured that the platform remains fully optimized while going through this transformative process. The community of Cardano consists of more than 2000 community pool stakeholders who will be now looking after the operational and functional mechanism of the blockchain.
Commenting on this occasion, the product director at the IOHK, Aparna Jue, said that the team was working on this transition process since July last year when the Shelley update was carried out. The organization collaborated with the stake operators to ensure that each step of this transition process would be seamless and can be completed without any technical glitch.
Jue added that this is the very first step in this transformative process, and after handing over the blocked control, the organization is now looking forward to achieving peer-to-peer decentralization of the network. Thus, the operational requirements are being looked into, and the process is expected to continue throughout this year. Besides, IOHK is also working towards handing over the advanced governance control feature to the Cardano community in the coming times.
Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.
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